Answer:
In the FRB Operating Circular 3, which sets out that one-year time period. As an OC issued by the Fed, it affects the provisions of the UCC for transactions that pass through the Fed.
First published on BankersOnline.com 6/25/12
Bank to Bank Adjustment- One Year Rule
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Question:
The Federal Reserve will handle encoding errors brought to their attention within six months of the cash letter date. After that, the reconciliation is "bank to bank" and must take place within one year of the cash letter date. Where is it written that a bank has one year to initiate a bank to bank adjustment of the cash letter date?
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